| Market data | Data relating to the protocol's governance token | | |
| Fully diluted market capitalization | Valuation of the protocol based on the maximum supply of its governance token | Maximum supply * token price | Shows the protocol's diluted valuation by taking into account the maximum token supply |
| Circulating market capitalization | Valuation of the protocol based on the circulating supply of its governance token | Circulating supply * token price | When charted against the fully diluted market capitalization, it shows the magnitude of future unlocks that could potentially drive down the price |
| Token trading volume | Trading volume of the protocol's governance token across CEXs and DEXs | Trading volume on supported CEXs & DEXs, sourced from Coingecko | Shows if there's proper price discovery for the token |
| Tokenholders | Number of unique governance tokenholders | Number of unique addresses with a governance token balance greater than 0, sourced from onchain data | Shows if the protocol's ownership is concentrated or decentralized, often tied to the maturity of the protocol (concentrated ownership more common at the early stage) |
| Circulating supply | Number of tokens in circulation | Total token supply - all tokens that are held by insiders. We consider tokens held by the team, treasury, early investors and foundations as non-circulating | Shows how many tokens are circulating in the public market and in the general public’s hands. This gives the investor a better understanding of how liquid the token is and how many tokens could enter the market in the future |
| Maximum supply | Maximum amount of tokens that will ever exist | Calculated either by looking at the total onchain supply or referring to the projects' documentation | When compared to the circulating supply we can get an understanding of how many tokens are yet to enter the market. It is analogous to the maximum number of issuable shares in the stock market |
| GMV data | Data relating to the usage of the protocol | | |
| Total value locked | User deposits to the protocol's smart contracts (these assets are not owned by the protocol) | Value of funds held across a protocol's smart contracts | Shows how much value users are willing to deposit to a protocol's contracts, i.e. if there is trust in the protocol's contracts (security-wise) |
| Transaction volume | Transaction volume on a blockchain (L1 / L2) | Transaction volume on a blockchain (L1 / L2) | Shows how much value users are willing to transact on a blockchain, i.e. if there is trust in the blockchain to transact at scale |
| Trading volume | Trading volume on a DEX / NFT marketplace | Value of tokens being exchanged at a DEX / NFT marketplace | Shows how much value traders are willing to trade on a DEX / NFT marketplace, i.e. if there is trust in the DEX / NFT marketplace to trade at scale |
| Active loans | Outstanding loans on a lending protocol | Value of funds owed by borrowers to lenders | Shows how much value borrowers are willing to borrow on a protocol, i.e. if there is trust in the lending protocol to lend & borrow at scale |
| Assets staked | User deposits staked by a liquid staking protocol | Value of funds staked across the protocol's smart contracts | Shows how much value stakers are willing to stake through a protocol, i.e. if there is trust in the liquid staking protocol to stake at scale |
| Capital deployed | Capital invested by an asset management protocol | Total value of funds deployed by the protocol's smart contracts | Shows how much investors are willing to invest through a protocol, i.e. if there is trust in the asset management protocol to invest at scale |
| Transfer volume | Tokens transferred through a cross-chain bridging protocol | Value of tokens transferred through a cross-chain bridge | Shows how much bridge users are willing to transfer through a bridging protocol, i.e. if there is trust in the bridging protocol to transfer at scale. |
| Outstanding supply (stablecoin issuers) | The USD value of stablecoins outstanding | We track all stablecoin mints and burns | Shows the adoption of the stablecoin |
| Net deposits | Net deposits to a protocol | User deposits - user withdrawals | Shows the value of assets that users have deposited to a protocol. This is the amount that users potentially could withdraw from the protocol. A higher value potentially signals greater product market fit and user traction |
| Financial data | Data relating to the economic sustainability or profitability of the protocol | | |
| Fees | Fees paid by end users | Value of the aggregate fees paid by end users, sourced from onchain data | Shows if users are willing to pay to use a protocol, i.e. if there is product market fit (especially if there are no token incentives) |
| Supply-side fees | Portion of fees paid to service providers | Value of the fees paid to service providers (LPs, lenders, creators, etc.), sourced from onchain data | Shows what percentage of the fees the protocol passes on to service providers |
| Revenue | Portion of fees kept by the protocol (and its tokenholders) | Value of the fees kept by the protocol (and tokenholders), sourced from onchain data | Shows what percentage of the fees the protocol captures for itself |
| Expenses | Total onchain expenses paid by the protocol (currently includes only token incentives for most protocols) | Value of all expenses paid by the protocol, sourced from onchain data | This metric can be used to analyse the cost efficiency and economic sustainability of the protocol |
| Token incentives | Governance tokens distributed to users (token-based compensation) | Value of a protocol’s governance tokens that have been claimed by users, sourced from onchain data | Shows how much the protocol is subsidizing the use of the protocol by issuing tokens to its users, i.e. how much existing tokenholders are being diluted |
| Operating expenses | All onchain expenses paid by the protocol, excluding token incentives | Sum of all expenses related to the operations of the protocol. This can include core team salaries, cost of goods sold, marketing expenses & partnership costs, sourced from onchain data. This metric excludes token incentives (rewards) | This metric gives a proxy of how much it actually costs to operate the protocol. When comparing this metric with the revenue generated we can get an understanding of how economically sustainable the protocol is |
| Earnings | Net income of a protocol (excl. operating expenses) | Revenue - token incentives, sourced from onchain data | Shows how much the protocol earns after token incentives, i.e. if the protocol has an economically sustainable business or not |
| Valuation data | Data relating to the valuation (over / undervalued) of the protocol | | |
| P/F ratio
(fully diluted) | Valuation multiple, based on the fees paid by end users | Fully diluted market capitalization / annualized fees | Shows how many years it would take for the fees to "repay" the fully diluted valuation |
| P/F ratio (circulating) | Valuation multiple, based on the fees paid by end users | Circulating market capitalization / annualized fees | Shows how many years it would take for the fees to "repay" the circulating valuation |
| P/S ratio
(fully diluted) | Valuation multiple, based on the revenue earned by the protocol | Fully diluted market capitalization / annualized revenue | Shows how many years it would take for the revenue to "repay" the fully diluted valuation |
| P/S ratio (circulating) | Valuation multiple, based on the revenue earned by the protocol | Circulating market capitalization / annualized revenue | Shows how many years it would take for the revenue to "repay" the circulating valuation |
| Cash management data | Data relating to the treasury management of the protocol | | |
| Treasury | Assets in the protocol's treasury (including unallocated governance tokens) | Value of the tokens held across a protocol's treasury contracts, sourced from onchain data | Shows how much the protocol is generating in business income and how it manages its treasury over time |
| Net treasury | Assets in the protocol's treasury (excluding unallocated governance tokens) | Value of the tokens held across a protocol's treasury contracts excluding unallocated governance tokens, sourced from onchain data | Shows how much the protocol is generating in business income and how it manages its treasury over time |
| Alternative data | Data relating to the non-financial metrics of the protocol | | |
| Active users (daily) | Unique addresses that use the protocol's service on a daily basis | Number of unique addresses interacting with the protocol's business relevant smart contracts, sourced from onchain data | Important to know if there are 3 vs. 300k users, gives a better understanding of the protocol’s traction |
| Active users (weekly) | Unique addresses that use the protocol's service on a weekly basis, based on a 7-day rolling window | Number of unique addresses interacting with the protocol's business relevant smart contracts, sourced from onchain data | Important to know if there are 3 vs. 300k users, gives a better understanding of the protocol’s traction |
| Active users (monthly) | Unique addresses that use the protocol's service on a monthly basis, based on a 30-day rolling window | Number of unique addresses interacting with the protocol's business relevant smart contracts, sourced from onchain data | Important to know if there are 3 vs. 300k users, gives a better understanding of the protocol’s traction |
| Active developers | Core developers that contribute to the protocol's public GitHub repositories | Number of distinct users that made 1+ commits to the protocol's public repositories during the past 30 days, sourced from GitHub | Important to know if there are 10 vs. 100 core developers, gives a better understanding of the contributor dependencies |
| Block time | Average time elapsed between the addition of successive blocks to a blockchain | Block timestamps are sourced from onchain data, and the time elapsed between successive blocks is calculated and averaged during a specified time period (e.g. a day) | Block times influence how long users need to wait before their transactions are confirmed. A measure of how frequently new blocks are added to blockchains can be useful to compare different blockchains or evaluate the effect of upgrades on a particular chain. A deviation from "normal" parameters may coincide with periods of degraded performance or other technical issues |
| Code commits | New commits to the protocol's public GitHub repositories | Number of commits to the protocol's public repositories, sourced from GitHub | Important to know if there are few vs. many regular commits, gives a better understanding of the pace of development |
| Contract deployers | Number of externally-owned accounts (EOAs) that initiate transactions where contract creations occur | Number of distinct EOAs initiating transactions where contract creations occur, sourced from onchain data | A proxy to the number of blockchain users deploying smart contracts |
| Transaction count | Number of onchain transactions | Number of unique transactions on the protocol in a given time period | Highlights the magnitude of onchain activity on the protocol |
| Transactions per second | Number of transactions added to blockchains, per second | We count the number of transactions added to a blockchain during a specified time period (e.g. a day) and divide it by the number of seconds elapsed during that period | An indicator of demand for the chain's block space. Showcases periods of high levels of onchain activity, or, on the other hand, low onchain activity, either organic or due to periods of degraded performance or other technical issues |